The retailer made moves to make the chain public later this year, and buyers are showing interest.

J. Crew Group is in talks to be sold to Uniqlo parent Fast Retailing in Japan for as much as $5 billion, according to reports published Friday.

Citing an unnamed source, The Wall Street Journal said Fast Retailing approached J. Crew management about a potential deal. J. Crew is seeking around $5 billion, but it is unclear whether Fast Retailing agreed to the price or if the two sides have even discussed it.

The source said that these talks are preliminary, and other buyers have expressed interest in the retail company, according to Bloomberg.